Court grants FIA 4-day physical remand of Hussain Lawai(Vice Chairman Summit Bank)

Karachi court on Saturday handed over Pakistan Stock Exchange top boss Hussain Lawai to the Federal Investigation  Agency (FIA) on a four-day physical remand.

Lawai, a close aide of Pakistan People’s Party co-chairman Asif Ali Zardari, was arrested on Friday for allegedly laundering Rs35 billion using 29 bank accounts. Lawai, a prominent banker who once served as the the Summit Bank president, told the court that he had high blood pressure in addition to other ailments. At this, the counsel for the FIA said the suspect had undergone a medical examination and was in good health.

The court granted his remand following the conclusion of arguments. Prior to the hearing, Lawai told reporters those who had engaged in money laundering remained abroad. Anwar Majeed, the owner of Omni Group, also allegedly involved in the activity has fled the country.